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House  Bill,  No.  36.] 


[Ses.  1858-'9. 


Introduced  by  Mr.  Feuebee,  of  Camden. 


Holden  &  Wilson,  Printers  to  the  State. 


A  BILL  TO  AMEND  AN  ACT,  ENTITLED  "  AN  ACT 
TO  INCORPORATE  the  NORTH-CAROLINA  RAIL- 
ROAD COMPANY." 

Sec.  1.  B 'e  it  enacted  fa/  the  General  Assembly  of 'the  State 

2  of  North-Carolina,  and  it  is  hereby  enacted  by  the  authority 

3  of  the  same,  That  the  Charter  of  the  "North  Carolina 

4  Rail  Road  Company  "  be  amended  in  the  following  par- 

5  ticulars,  to  wit:  that  in  all  meetings  of  the  Stockholders 

6  of  said  Company,  the  vote  to  which  each  stockholder  shall 

7  be  entitled  except  the  State,  shall  be  according  to  the 

8  number  of  shares  he  may  hold  in  the  proportions  follow- 

9  ing,  to  wit :  for  one  share  and  not  more  than  two,  one  votey 
10  for  every  two  shares  above  two  and  not  exceeding:  ten- 

:11  one  vote,  for  every  four  shares  above  ten,  and  not  exceed- 
12  ing  thirty,  one  vote,  for  every  six  shares  over  thirty  and 
:13  not  exceeding  sixty,  one  vote,  for  every  eight  shares,  over 
14.  sixty  and  not  exceeding  one  hundred,  one  vote,  ior  every 
R5  ten  shares  over  one  hundred  and  not  exceeding  two  hun- 
|16  dred,  one  vote,  and  for  every  twenty  shares  over  two  hun- 
JlY  dred,  one  vote.  And  in  all  general  meetings  of  the  stock- 
'18  holders,  the  representative  of  the  stock  held  by  the  State, 

19  shall  be  entitled  to  cast  or  vote  one  third  of  the  number  of 

20  votes,  which  may  be  cast  or  voted  by  thef  individual  stock- 

21  holders  represented  in  said  meeting. 

Sec.  2.  Be  it  further  enacted,    That  hereafter  the  State 
2  shall  appoin    five  Directors  in  said  Company,  and  individ- 


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2 


HotJSE  Bill  No.  36. 


[1858-'9. 


3  ual  stockholders  shall  elect  seven  Directors  (the  State  not 

4  being  allowed  to  vote   for  Directors)  and  each  Director 

5  shall  be  the  bone  fide  holder  and  owner  of shares 

6  of  stock  in  said  Company,  at  the  time  of  his  appointment 

7  or  election,  and  shall  continue  to  hold  the  same  during 

8  his  continuance  in  office  as  a  Director,  and  any  person 

9  presuming  to  act  as  a  Director,  not  qualified  as  above, 
10  shall  be  guilty  of  a  misdemeanor. 

Sec.  3.  Be  it  further  enacted,  That  the  Stockholders  at 

2  their  general  annual  meeting  to  be  held   in  July,  1859, 

3  shall  determine  upon  the   acceptance  or  rejection  of  this 

4  amended  Charter ;  and  it  is  hereby  declared  to  be  the 
6  duty  of  the  representative  on  the  part  of  the  State,  and  he 

6  is  hereby  so  instructed  to  vote  for  the  acceptance  of  the 

7  same.     And  every  future  Legislature  shall   have  power 

8  and  authority  to  investigate  the  affairs  of  said  Company 

9  in  such  manner  as  they  may  desire. 

Sec.  4.  Be  it  further  enacted,  That  should  the   State 

2  transfer  or  in  any  manner  dispose  of  her  stock,  or  any  part 

3  thereof,  so  as  to  reduce  her  vote,  if  scaled  below  one  third 

4  of  the  votes  cast  by  individual  stockholders,  then  her  vote 
6  shall  be  reduced  according  to  the  scale  aforesaid  :  and  the 

6  directors  shall  be  apportioned  between  the  State  and  the 

7  stockholders  in  proportion  to  the  votes  that  were  scaled 

8  as  aforesaid,  that  could  be  given  if  all  the  votes  were 

9  cast. 


Photomount 

Pamphlet 

Binder 

Gaylord  Bros. 

Makers 

Syracuse,  N. Y. 

PAT.  m  21, 1908 


mm  $~  SsSnlasBisil 

■>.'•■.■•''■- 


UNIVERSITY  OF  N.C.  AT  CHAPEL  HILL 


00042071756 

FOR  USE  ONLY  IN 
THE  NORTH  CAROLINA  COLLECTION 


Form  No.  A-368,  Rev.  8/95 


